South Korea and Australia's major stocks have plunged more than 5 percent in Monday morning trade.
Australia's S&P/ASX 200 fell 5.73 percent, while regional sectors also largely suffered declines. Australia and New Zealand Banking Group fell 7.49 percent, Commonwealth Bank of Australia - 6.68 percent, Westpac - 8.81 percent, and National Australia Bank - 8.75 percent, according to the latest updates by CNBC.
Similar declines took place in South Korea, as the Kospi dropped 5.59 percent.
Meanwhile, Japan's Nikkei 225 was 0.6 percent higher. The Topix index was also up 0.1 percent.
As stocks have seen declines worldwide, various international financial institutions forecast a slowdown of the global economy due to the COVID-19 pandemic.
Worldwide, the coronavirus toll continues to soar, with more than 292,000 people afflicted and over 12,700 fatalities reported so far, according to the latest situation update from the World Health Organisation (WHO).